"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Tuesday, November 30, 2010

That Was An Unexpected Rally

"Rally?" I can hear you all asking. "Have you lost your mind?"

No, not really. Hear me out. At one point, the Dow was down 109.51, or nearly 1% (0.99%, if you want to get technical). It closed only 46.47 (0.42%) down. That's not a great rally, but it is a rally.

Now, what drove it? Part of it was the unexpectedly good consumer confidence figures. Part of it was President Obama and Republican congressional Leaders agreeing to seek a compromise on the expiring Bush tax cuts (says the AP)[1]. Still, despite the guarded optimism and weak rally, it was a sad, sad ending to a sad, sad month.

Still, Pyongyang hasn't unleashed the People's Glorious Revolutionary Atomic Mushroom Brigade, so things are looking up. For the moment.

[1] Yes, the markets were mildly happy about a promise to try and reach a compromise. Expectations have been lowered for your convenience.

Articles cited:
Stocks pare losses on optimism over tax cuts (http://hosted.ap.org/dynamic/stories/U/US_WALL_STREET?SITE=SCAND&SECTION=HOME&TEMPLATE=DEFAULT)
Obama, GOP promise to work on differences on taxes (http://hosted.ap.org/dynamic/stories/U/US_OBAMA_CONGRESS?SITE=SCAND&SECTION=HOME&TEMPLATE=DEFAULT)

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